The agency also named PNB Executive Directors K.V. Brahmaji Rao and Sanjiv Sharan, and General Managers Nehal Ahad (who dealt in worldwide operations) and Rajesh Jindal in its chargesheet filed in a special CBI court here.

".the board of directors of the bank in its meeting decided that Usha Ananthasubramanian, MD & CEO be divested of all functional responsibilities of the bank with immediate effect.", Allahabad Bank said in a regulatory filing.

PNB executive directors Brahmaji Rao and Sanji Saran, and general manager Nehal Ahad will also be charged.

The CBI filed the charge sheet for alleged criminal conspiracy, cheating, forgery and provisions of Prevention of Corruption Act.

NEW DELHI: Allahabad Bank will hold its board meeting on Tuesday after the Finance Ministry's direction to take away all the powers of its MD and CEO Usha Ananthasubramanian. Vipul Ambani, CFO of Firestar International, the flagship of Nirav Modi's global business, was allegedly aware of the illegalities and kept all the related documents with him.

PNB, which raised 50 billion rupees from a share sale in December and has received almost 55 billion rupees from the government as part of a $32 billion bank recapitalisation programme, has said it is adequately capitalised for now.

When asked about action against two MDs named in the FIR related to loans given to Aircel by IDBI Bank, he said, "I would like to make it clear that you can not take action only on hearsay".

Both Norav Modi and Choksi had left the country before PNB filed the complaint with the CBI.

The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

PNB had reported a Rs 143.5 billion fraud in January, wherein a few of its employees had issued letters of undertaking, in collaboration of Nirav and Mehul firms, in an unauthorised manner. The amount of Rs 6,498.2 crore is one part of the bigger $2-billion fraud.

The financial services secretary said a show cause notice was issued to them about 10 days ago by the ministry.

The chargesheet says that Nirav Modi, Nishal, and other public and private persons conspired for the issuance of fraudulent LoUs in favour of the three firms (named in the chargesheet) without any sanctioned limit, cash margin and making entries in the Core Banking Solution (CBS) system.

follow

editors' picks

May 15, 2018Spike Lee Slams Donald Trump For Not Denouncing The Klan
Talking about the death of Heyer, Lee called it, "It's an ugly, ugly, ugly blemish on the United States of America". The first official trailer has been released for the new film from visionary filmmaker Spike Lee . "Mrs.

May 12, 2018Google Assistant New Features Include Good Manners
Google showed off the prototypes and finished smart displays at I/O, but Sony's version of the product isn't here. Updates are easily the biggest problem facing the Android ecosystem, and Google is working hard to fix that .

May 09, 2018IPhone X camera issues might be affecting Face ID
One of these components is a Dot Projector that projects more than 30,000 invisible dots onto your face to map its structure. The kind of link that exists between the iPhone X's rear camera and the front-facing TrueDepth system isn't entirely clear.

May 08, 2018Melania Trump to announce formal platform
Her choice was ridiculed nearly immediately, given her husband's longtime habit of calling people names on Twitter, but Mrs. From challenges facing children to the opiod epidemic, a look at First Lady Melania Trump's policy agenda.